Music Appreciation Test 1 Essay Example

Music Appreciation Test 1 Essay Example Music Appreciation Test 1 Paper Music Appreciation Test 1 Paper Exposition Topic: Verse In the tune Hallelujah! From Messiah, monophony is utilized to pass on that There is one God The number11 in Didos Lament alludes to Treachery A move starting with one degree of volume then onto the next in Baroque music is called Porch Dynamics the soonest show took their plots from folklore or history Which of the accompanying melodic gadgets isn't utilized in the First development of Bachs Cantata no. 140 wachet auf (sleepers alert) recitative the surmised dates of the Baroque time frame were 1600-1750 which of the accompanying best portrays socio-political arrangement of the Baroque Era? Total Monarchy the prevailing fondness utilized in the melody Hallelujah! From Messiah is best named Grandness covering sections of the subject in a fugue are known as a Stretto The gathering of early Baroque author, craftsmen, and performers whose point was to restore the melodic show of old Greece known as The Florentine Camerata In the Chorus Hallelujah! from the Messiah, the realm of this world appeared differently in relation to the realm of our master is noteworthy in light of the fact that - utilizes terraced elements to show which realm is progressively significant - utilizes word painting to speak to these realms - utilizes an extraordinary melodic style to speak to that one of the realms presently administers the other The tenet of the Affections expresses that A whole piece or enormous area of a piece should just consider fondness short, repeating instrumental entry, found in the florid concerto is known as a Ritornello An entertainer of uncommon specialized capacity is alluded to as a virtuoso In the Baroque Era, an arranger would be well on the way to utilize the style of to set sincerely huge parts of a vocal performance Aria the fundamental subject of a fugue is known as the Subject In Bachs Cantata no. 140, Wachet auf (Sleepers, Awake), the chorale tune is heard set against a countermelody in which development? development 4 George Frideric Handel was viewed as an ace of the(genre) Drama Which of the accompanying authors was conceived in Germany, made a trip to Italy to examine show, yet spent a lot of his/her profession in England Handel the type of the aria segment of Didos Lament from Purcells Dido and Aeneas is best depicted as Ostinato Aria A segment of a fugue wherein the primary topic isn't heard is called an scene the initial development of Spring (Primavera) from The Four Seasons is in structure Ritornello the bigger gathering of instruments in a Baroque concerto grosso is known as a. Pipieno or Tutti the florid arranger who was additionally a prestigious vocalist was Barbara Strozzi the volume changes dependent on the performing powers utilized (delicate, medium, uproarious) without inconspicuous degrees between levels in ornate music are known as terraced dynamic which class is best portrayed as a short multi development work for vocalists, theme and instrumentalists dependent on a book of either holy or mainstream nature Cantata explicit, short melodic thoughts might be utilized to animate explicit feelings is known as The Doctrine of Figures A will be a florid congregational psalm of the German Lutheran Church. chorale In the chorale Hallelujah! from Messiah, standard is utilized to speak to endlessness the Florentine Cameratas thoughts on music drove straightforwardly toward the advancement of Show the type of Handels Rejoice Greatly! is best portrayed as da capo during the Baroque time frame the expressed that there ought to be no quick, outrageous changes of feeling in a bit of music Principle of Affections a sort of execution bunch utilized in most Baroque music is the Basso Continuo which two instruments would have been well on the way to play the basso continuo in the extravagant zone? Cello and harpsichord the content of a show is known as the Libbretto the quantity of players expected to play out a florid basso continuo is two the Water Music by Handel is best depicted as a (type) suite the initial development of Bachs cantata no. 140, Wachet auf (sleepers, alert) is best depicted as(form/class) Chorale rhapsody the Baroque artist who was bizarre for being admitted to an institute of scholarly people was Barbara Strozzi what alludes to practice of breaking harmonies into independent notes to drag out the sound Style Brise the performance gathering of instruments in a concerto grosso is called concertino another term for ground bass is basso ostinato on which epic sonnet did nahum tate base the lyrics for Purcells drama Dido and Aeneas? Virgils Aeneid What number of players are important to accurately play out a trio sonata four 2 play bass continuo - 1 play bass - 1 play song the chorale is a sort of psalm tune made by Martin Luther Melodic pictorialization of words from a book is known as word painting the bigger gathering of instruments in a Baroque concerto grosso plays the Ritornello the best local English writer of the elaborate period was Henry Purcell chorale tunes were adjusted from Gregorian serenade mainstream workmanship music the is a polyphonic structure wherein at least one subjects are created in imitative contradiction Fugue Bachs last show of contrapuntal dominance was the. specialty of fugue the rococo time frame saw another style of music, which highlighted a solitary vocal song with backup known as Monody the philosophical reason for the Doctrine of Affection was the possibility of the intensity of music to impact the circulatory framework the propensity to esteem the abstract, enthusiastic, and euphoric is know as Dionysian A will be a virtuosic solo section in the way of an ad lib. cadenza the propensity to esteem reason, the target, a request is best called Apollonian who is best seen as the primary ace of show? monteverdi Dido sings her popular mourn in purcells show Dido and Aeneas not long previously. she kicks the bucket the term ornate presumably gets from the importance deformed pearl the most mainstream console instruments of the rococo period were the Organ and Harpsichord the principal development of an ornate concerto is frequently founded on strategy or structure ritornello a multi development work dependent on the restriction of one player against a bigger gathering is a. solo concerto male artist who was fixed during childhood to safeguard his high voice was a castrato which of coming up next is a lot of forty-eight introductions and fugues by Bach The Well Tempered Clavier J.S. Bach was generally acclaimed in his day as an entertainer on the Organ Melodic style described by numerous notes sung to a solitary book syllable is called Melismatic the term accompagnato (instead of secco) portrays recitative in which the entire ensemble goes with An instrumental entry that repeats over and over, as a hold back in an aria, is known as a. ritornello which of the accompanying pieces is a case of program music Spring from the Four Seasons by Vivaldi which of coming up next is well on the way to be a syllabic in style? recitative the initial segment of a fugue wherein the fundamental subject is heard is called an composition the harpsichord is unique in relation to the piano in light of the fact that strings are culled as opposed to pounded a hornpipe is an english move a short expression rehashed again and again in the bass is likewise called a basso ostinato or ground bass which was not a supported console instrument of the Baroque period? the piano vivacious, driving beat that doesn't ease up is known as the. moto perpetuo an operatic tune in the structure ABA, which takes into consideration the soloist to decorate the last segment is known as a. da capo aria what is a term showing a cleanse of the feelings? purge drama is best comprehended as a dionysian amusement a - was a sort of english privileged diversion joining music, verse, and move masque vivaldi composed his concertos for the entertainers at the ospedale della pieta who were juvenile young ladies a rehashing song, for the most part in the bass, all through a bit of music is known as a basso ostinato what number of voices or individual lines are there in J.S. Bachs contrapunctus I from the specialty of fugue? four mourets rondeau is best viewed as a (kind) development from a set-up of moves the contrapuntal gadget that presents the subject spelled from end to starting (in reverse) is known as retrograde the contrapuntal gadget that presents the subject spelled from topsy turvy is known as. reversal what are the melodic figures or case of word painting utilized by Handel in Rejoice Greatly high note on yell melismas long notes on harmony huge spans on significantly In the melody Hallelujah! from Messiah, The realm of this world appeared differently in relation to the Kingdom of our Lord is noteworthy in light of the fact that - utilizes terraced elements to show which realm is progressively significant - utilizes word painting to speak to these realms - utilizes an exceptional melodic style to speak to that one of the realms presently runs the other what are ostinato types of the florid period - basso ostinato - passacaglia - ground bass - chaconne what positions bached hold during his lifetime - cantor of St. Thomass Church in Leipzig - court organist and chamber performer to duke of weimar - court performer to the sovereign of Anhalt-Cothem What are gadgets utilized in Didos Lament - chromatic basso ostinato to represent sorrow or grieving - melodic drop on laid in earth to depict internment - rehashed notes on recall me! to

Nora Sakari - Case Assignment Example | Topics and Well Written Essays - 750 words

Nora Sakari - Case - Assignment Example Attributable to the littler size of Sakari, it would extend and build its piece of the pie. Nora is probably going to outfit the JV with its drawn out great working alliance with Japanese partners. By going into a JV with Nora, a bigger organization, Sakari would profit by the JV through improved promoting capacity, which would thus strengthen its market position. As it shows up, Sakari, despite the fact that littler, is the best accomplice for Nora in light of the fact that it furnishes Nora with precisely what it needs and each have a working thought of the other in light of the fact that they have been arrangement accomplices. b) Nora-Sakari’s exchanges disappointment can be ascribed to common ignorance about their particular societies. There was solid restriction from arranging camps from both Nora and Sakari. To begin with, Sakari appears to have no trust on Nora’s target of framing the JV as they suggest that Nora would copy their innovation, in this way turning into a significant adversary in the market. Combined with inward legislative issues, the exchange was regarded for disappointment. Second, there was a tussle in regards to the split of value proprietorship. Sakari proposed Equity split of 49% and 51% for Sakari and Nora individually. Despite what might be expected, Nora gave a counter proposition of 30% and 70% value split for Sakari and Nora separately. Third, Sakari suggested that it furnishes the JV with advanced switch essential structure while Nora needed the computerized change fundamental structure to be produced using the JV Company so as to pick up contact with the exchanging innovation. Fourth, Sakari’s proposition for eminence installment was 5% of gross deals while Nora proposed 2% of net deals of the JV. Fifth, there was irregularity on pay rates and advantages proposed by the two organizations. Last, Nora and Sakari couldn't concede to where to determine the exchange impasse. The inability to comprehend varieties in national culture and authoritative legislative issues assumed a colossal job

My Freshman Backpack

My Freshman Backpack Im not new to the blogs (though we do have some wicked bloggers up in the sphere nowadays), but my recent, unintended hiatus might have confused you into thinking that I am. Nope, Im just a sophomore thats going to MIT and that has been doing this bloggin business for a while. Id like you to meet someone new, though This is my gigantic freshman backpack. Made worse by the fact that I dropped five pounds from that bag, since it doesnt have my laptop in it at that pictured moment (Yes, I am a sophomore now. Yes, I havent heard that term since high school.) (Or, actually, since last week, when a friend of mine from Tufts said I had a freshman backpack.) I try to let that roll off my shoulders, burdened as they may be by a brobdingnagian  backpack. See, sometimes, whats practical isnt exactly, well, chic. Case in point: You may have seen this phrased in a different way: If it looks stupid, but it works, it aint stupid. Such is the case with my beloved backpack. I pack my life into my bag each morning, because having my Organic Chemistry textbook on me keeps the small (but significant) downtime between classes a little bit more productive. For those of you who cant conceive of inventing time travel, this might be the next best thing to help keep yourself abreast of your commitments. It seems weird to think that, for some students here, MIT gives you a sink-or-swim style remedial course on study skills. In actuality, not everyone has to study intensely through high school in order to get in. Personally, aside from mandatory homework that was assigned almost daily for my courses, I did no additional reading, no additional practice until it was the night before a big test, when I shored myself up in my room, with pages of notes strewn on my bed and my person, where I dedicated a few hours to poring over everything that I needed to know. For me, that was more than enough. If you did that in high school, and it worked, good for you. But the odds are very good that it wont work out as well any more. Many exams will be scheduled close together, sometimes on the same day. There have definitely been days when Ive had two in one day, and possibly three. Whats worse, one of those exams in your freshman year will likely be in a course you might not like or care much about, since you tend to spend most of your time knocking down GIRs prior to declaring a major. Also, theyre MIT exams, which scales up the difficulty. Of course, this will all matter so much less in your first semester (which is still pass/no record), and to a lesser degree in your second semester (A/B/C/no record), but if you elect to take early sophomore standing by semester two (or once you become a sophomore the regular way), that safety net vanishes. By then, youll have to adapt. So I guess for now, keep these hints in the back of your mind. If your high school / current coursework is particularly challenging, or even if youre currently at MIT and you want to make sure you pass your classes, this might even be of use to you right away: Spread out your studying so youre not just doing everything the night before.  It saves you a lot of stress, since you wont worry about missing a detail or a definition if you allow yourself more time to do it. Being stressed will just make you less able to remember what you are trying to commit to memory, and then youll end up doing worse because of it. Aim for a good nights sleep if theres something important the next day. If youre nodding off during an exam, youll be spending some time and effort just keeping yourself awake, and thatll be inefficient when you end up working. Ask for help! From your TAs, from your professors, from people in S^3 (if it pertains to getting good academic habits down), from your wing-mates, suite-mates and dorm-mates. Dont feel bad about asking upperclassmen, either, as Anna has said before. If you can, spread out your workload, too. This is the approach Im taking. I have some gaps that I can fill in between classes, which, as a sophomore, are bigger than they were in my freshman year. But even as a freshman, if you can spare an hour or two earlier in the day cranking out some pset problems when youre not doing anything else, thats time that you wont be spending much later at an ungodly hour of the night. To me, this also reflects another significant principle: that of working smart, and how its not always the same as working hard. Take breaks. Remember, work smart, dont just work hard. Burning out isnt fun and no amount of mocha frappuchinos can make you entirely happy again :( Be ready to revise your approach and to throw out what isnt working. This is the most important part. In fact, you could call it a corollary to that folksy wisdom that I dispensed above: If its stupid, and it isnt working, then for your purposes, at least its stupid. If what youre doing isnt paying off, try something else. If you dont know what to try, see the third hint and solicit some advice that way. I can even offer a few other pointers on some study habits you can check out my profile here on MIT Admissions to send me an email. And, on a much less serious note (but still a reasonably dang serious note), if you plan on taking 5.12 and/or 5.13 (read: if youre premed, a course 5/10 major, or you just want to learn yourself some organic chemistry), do your back a favor and invest in the e-book version. This book is heavy.

Essay about Aeneid vs. Odyssey - 2161 Words

Aeneid vs. Odyssey Both the Odyssey and the Aeneid share some similarities as epics; both describe the trials of a heroic figure who is the ideal representative of a particular culture. There are even individual scenes in the Aeneid are borrowed from the Odyssey. Yet, why are Odysseus and Aeneas so unlike one another? The answer is that the authors lived in two different worlds, whose values and perceptions varied greatly of a fundamental level. To illustrate, two common ideas woven into the Odyssey are custom and recklessness. Customs were handed down by the gods, and were meant to keep men safe by giving them civilization. When men were reckless (when they flaunted custom and the gods), they invited retribution†¦show more content†¦His eventual passage home has been agreed upon by Zeus, whose will is not subject to error.1 However, in the past Odysseus wounded Polyphemos and in reckless abandon questioned the power of the gods; while he was fleeing from the Cyclops he yelled If I could take your life I would and take your time away, and hurl you down to hell! The god of earthquake could not heal you there!2 For this affront, Poseidon decided to make Odysseus journey home a long and difficult one. The god of the sea sends a storm his way but Odysseus survives with the nereid Inos gift and guidance. After Poseidon departs, he finally reaches Skherias shore with Athenas help. The opening scenes in the Aeneid corresponds to Homers sequence. Aeneas and the Trojans are on their ships, heading to found a new city after many travails. The eventual founding of the city has been agreed upon by Jupiter, and thus the Trojans [d]estiny is unaltered3 regardless of what calamity befalls them. However, Juno is worried that the Trojans descendants will eventually surpass the Greeks, root up her Libyan empire4, and enslave the children of Agamemnon5; so she convinces Aeolus to release to some winds to destroy them now. The winds are so fierce that they need a heap of mountains [laid] upon them and even then [b]ehind the bars they bellow, mightily fretting: the mountain is one immense murmur.6 Aeolus releases them by pushing his spear at theShow MoreRelatedThe Odyssey And Aeneid Vs. Today992 Words   |  4 PagesEssay 1: Hell in The Odyssey/Aeneid vs. Today As humans, we are always imagining what our lives will be like when we die. While the depictions of what hell or heaven may be from the ancient times and now, what has stayed consist is the idea of an afterlife altogether. In The Aeneid, Aeneas has his own version of what the underworld is. Hell is depicted in Book VI of The Aeneid where the Trojans sail back to Sicily where the death of Anchises is marked. Aeneas enters the underworld after meetingRead MoreGreek Mythology And The Mythology850 Words   |  4 Pagesthe epic Aeneid; however, Greek mythology has existed longer. There is no specific evidence proving when Greek mythology actually began; Greek myths are chronicled through Homer’s epics, Iliad and The Odyssey, which seem to have existed at least 700 years prior to when Roman civilization even began (Greek vs Roman). Before these epics were written, Greek myths were passed along through spoken word. Also, when comparing and contrasting the Roman epic Aeneid to Homer’s Iliad and The Odyssey one willRead MoreVirgil vs. Homer in Underworld1569 Words   |  7 Pagesï » ¿ How does Virgil deviate from Homer in the underworld, and why? 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Psychology Is The Scientific Study Of The Mind And Behavior

A Look into Psychology Psychology is known to be the scientific study of the human’s mind and behavior. Psychology is not the study of extraordinary mind activity like paranormal, extrasensory perception (ESP), astrology, nor phrenology. Psychology is theoretically constructed and uses a standard scientific process to discover evidences of that human’s behavior. Psychology also allows an individual to give special assistance to a specific group of children who could have a difficult time in school by determining their IQ. In this essay, I’m going to describe a few details of how Psychology is the science of the mind, what scientific methods that are used in Psychology, and many other things involving Psychology like a person’s intelligence (IQ) and a child’s development milestones. Psychology is important for helping people to development mentally. In the first week of General Psychology we learned, Psychology involves with the study of the human’s behavior and in the mind. Many people get psychology mix-up with Pseudoscience, which is the study of extraordinary mind activities like paranormal, extrasensory perception (ESP), astrology, and phrenology. The difference between Psychology and Pseudoscience is the scientific evidence. Psychology is theoretically constructed and uses a standard scientific process or method to discover evidences of the human’s behavior. Pseudoscience on the other hand, is literally a false body of knowledge to make it seems like its real; it isShow MoreRelatedPsychology Is The Scientific Study Of The Mind And Behavior791 Words   |  4 Pagesinner most feelings. The field of psychology was created to understand human behavior to help make society a better place and people live much easier. Psychology is field with sub fields that differ but the underlining core values are the same. The path to becoming a psychologist is challenging and not easy but most people entering the field feel like it is their callin g. 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Applications of psychology include mentalRead MorePsychology : Cognitive Psychology And Psychology980 Words   |  4 PagesCognitive Psychology 1064 Words 5 Pages Cognitive psychology began around 19th century. Different approaches have been used to trace the roots of psychology. It is also known that cognitive psychology was out numbered by behaviorism but later revived, bringing into being cognitive revolution. The paper discusses cognitive revolution in the history of cognitive psychology as the most influential part in the practice of modern psychology. Introduction A scientific branch of psychology that is concerned

What is DNA Forensic Free Essays

DNA forensics is a scientific analysis of evidence for crime scene investigations and other legal proceedings. To a DNA profile, scientists compare sequence In the genome that varies from person to person. Like a gene, a encoding genetic sequence is more likely to be match between relatives than between unrelated Individuals (Simon, Dickey, Race). We will write a custom essay sample on What is DNA Forensic or any similar topic only for you Order Now For example, In the case of a shooting In a Wild Buffalo Wings parking lot In Bear Delaware, police use forensic to link the two Burns and Evans in the case of a 23 year-old they shot. Burns and Evans met up with the 23 year-old to buy heroin from him. The drug dealer enters the car and was shot by Burns. Victim ran into a store and drove to Christiana Hospital in critical condition. Police went to Burns and Evans home were they searched the vehicle and found blood stains that Burns tried to clean up with bleach. Blood stains were visible at crime scene and matched victim that was shot. Another DNA application is a paternity test, my friend had a baby and the father denied the child. Therefore, the court made the father take a paternity test by swabbing the side of his out. The test came back that he was the father and now he has to pay child support. Lastly, a man In Philadelphia raped a doctor. Surveillance cameras were able to get a picture of the person. Somebody called In with a tip and they went to the person Job. They took blood and hair samples and determines he did Indeed rape the doctor. Population evolution and microbial life is inherited traits through successive generation’s overtime. Some examples would be a butterfly that was very colorful. Prior to this type of style, the butterfly used to be a dull color and it was most reverent. The dull butterfly would hide in flowers to avoid being attacked or eaten. But the pollution generated stained the dull color flowers to a bright color. Eventually the dull color butterfly was attack because it could no longer hide by the flowers, which made It less prevalent and made the bright color butterfly more predominant. This example shows how the population had evolved to a higher adaptive condition. Another example would be mutation, a lizard patterns duplicated over time to other lizards from the same family would be considered gene duplication. Lastly, someone an past DNA trait to one family member after another over time. For example, my mother had me and see pass me her traits/DNA. When I had my kids a passed down some of the traits from my mother and the cycle will continue when they have their kids. Biology and diversity refers to all of earth species. There are millions of species living on earth according to scientist. It is important that earth species continue to thrive and evolve because earth would be in danger if we loss biodiversity. The world ecosystem would collapse, food that humans need to fight off certain diseases and crops and plant would not exist. This would be the case because a population with decreased genetic diversity has less ability to evolve In response to environmental change. Also, the enormous genetic diversity of all the organisms on Earth has great potential benefit for people, too. Many researchers and biotechnology leaders are enthusiastic about the potential that genetic â€Å"prospecting† may also hold the key the spread of a deadly new strain of wheat steam rust, a fungal pathogen that has devastated harvests in eastern Africa and central Asia. At least 75% of the wheat varieties planted worldwide is susceptible to this pathogen, but researchers hope to mind a resistance gene in the wild relatives of wheat (Simon, Dickey, Race). Plants have four stages of evolution. The first stage is bryophytes the lack true roots and leaves. Bryophytes also lack aligning, the wall-hardening material that enables other plants to stand tall. Without liquefied cell walls, bryophytes have weak upright support. The most familiar bryophytes are mosses (Simon, Dickey, Race). The second one is ferns seedless plants. Next is gymnosperm, pine trees also known as cone-bearing trees. Lastly, angiosperms bear seeds. Animals have eight life cycles such as meiosis, fertilization, mitosis, blastula, early gastrula, later gastrula, larva and metamorphosis. Population increases, over a specific period of time, in the number of individuals living in a country or region. Population can change throughout the years due to deaths, births and dispersal of individual from separate populations. When resources are functioning properly, the population will increase dramatically. For example, births, death, and environment are natural factors that can affect population growth. Another example of population growth is population loss due to endangerment or extinction. What is biomass and ecosystem? According to Campbell Essential Biology biomass is a major terrestrial or aquatic life zone, characterized by vegetarian type in terrestrial biomass and the physical environment in aquatic biomass and ecosystem is all the organism in a given area, along with the nonliving (biotic) factors with which they interact; a biological community and its physical environment (Simon, Dickey, Race). The difference between the two is that ecosystem is a community and physical environment where as biomass major terrestrial or aquatic life zone. For example, the ecosystem of northern New York and California have similar plants and animal life, temperature, and amount of sunlight. They combine to make up the tollgate bimbo. Microbial life is short for microbe and it describes many organisms. How to cite What is DNA Forensic, Papers

The Impossible Trinity Essay Example Essay Example

The Impossible Trinity Essay Example Paper The Impossible Trinity Essay Introduction The impossible trinity Stephen Grenville, 26 November 2011 The impossible trinity doctrine – that it is not possible to have a fixed exchange rate, monetary policy autonomy, and open capital markets – still holds powerful sway over policymakers and academia. But it does not reflect reality in East Asian emerging countries. Assets in different currencies and different countries are not close substitutes. Capital flows to emerging countries present serious challenges, but the trinity is not the best framework for analysing the policy options. Capital flows are rarely discussed without a genuflection in the direction of the impossible trinity, also known as the trilemma. For example, Magud et al (2011) write: â€Å". a trinity is always at work. It is not possible to have a fixed (or highly managed) exchange rate, monetary policy autonomy, and open capital markets. † According to the trilemma, a stable exchange rate without capital controls requires domestic and for eign interest rates to be equal. Otherwise, ‘uncovered interest arbitrage’ will force continuous appreciation or depreciation of the currency. As such, nations without capital controls must choose between stabilising the exchange rate (by slaving interest rates to foreign rates) and stabilising the domestic economy (adjusting interests slaved to domestic macro conditions but letting the exchange rate fluctuate). Mechanically, this is enforced – according to trilemma logic – by substantial capital inflows or outflows and the impact of these on the money supply. Why this doesn’t fit the East Asia experience Since the 1997–98 Asian crisis, East Asian countries have clearly run their own independent monetary policies. They have successfully set interest rates to broadly achieve their inflation objectives. As Figure 1 shows, they are most definitely not all slaving their rates to foreign rates. Figure 1. Despite this, their exchange rates have bee n fairly stable. They have managed their primary exchange-rate objective – leaning against the prevailing appreciation pressures in order to maintain international competitiveness (see Figure 2). Remember that according to the classic trilemma, the similarity in exchange-rate movements since the global crisis should have coincided with identical interest rate levels (all equal to, eg, the US nterest rate); comparing Figures 1 and 2, we see this isn’t the case. Figure 2. These attempts to restrain appreciation have involved heavy government intervention, resulting in very large increases in foreign-exchange reserves (Figure 3). This didn’t, however, cause excessive increases in base money (Figure 4), thanks to effective sterilisation by open-market operations and increases in banks’ required reserves. Figure 3. Foreign-exchange reserves as a share of GDP Figure 4. Growth in foreign-exchange reserves (y-axis) and base money (x-axis), Percent, 2001–07 Why doesn’t the trinity apply? The Impossible Trinity Essay Body Paragraphs There are four reasons why the trinity doesn’t work in East Asia. First, if uncovered interest parity held, markets would treat different currencies as close substitutes. An investor would know that the interest differential would be a good guide to where the exchange rate was heading and even small interest differentials would trigger large arbitrage flows. It is now abundantly clear that interest parity offers feeble guidance for the exchange rate–interest rate nexus (see Engel 1996). The parity condition often gets the direction wrong, let alone the quantity (Cavalo 2006), as it does for six of the seven countries illustrated in Figure 5. Figure 5. Annual average interest differential versus change in exchange rate 2001–10 Capital flows responding strongly to interest differentials are the core element in the impossible trinity story. But in practice: Different currencies are not close substitutes; and Capital flows are driven by many other forces besides sh ort-term interest differentials. Second, instead of well-formed views on how different currencies will behave over time, there are fluctuating (sometimes wildly fluctuating) assessments of risk attached to cross-currency holdings. The higher interest rates generally available in emerging countries have encouraged carry trade–type capital inflows, but these were offset by official reserve increases (Figure 6). Figure 6. Net capital flows to emerging countries ($ trillion) Third, the impossible trinity envisages that any intervention to prevent these capital flows from bidding up the exchange rate will be fully reflected in base money increases which will, in turn, thwart the authority’s attempts to set interest rates as desired. But this sort of base money-multiplier view of monetary policy no longer corresponds with the way monetary policy works in practice. These days the authorities set the policy interest rate directly via announcement, while managing liquidity in t he short-term money market through open-market operations, including an effective capacity to sterilise foreign-exchange intervention (Figure 4). In some cases (eg China) excess base money was effectively sterilised through increases in banks’ required reserves. Thus capital flows do not usually prevent the authorities from setting interest rates according to their objectives. Finally, the impossible trinity envisages that any official intervention in foreign-exchange markets will be taking the exchange rate away from its equilibrium, opening up arbitrage opportunities. But suppose, instead, that the authorities have a better understanding (or longer-term view) of where the equilibrium lies, and are managing the exchange rate to maintain it in a band around the equilibrium. East Asian countries have not, in general, prevented some appreciation of their exchange rates, but they have sought, through intervention, to prevent momentum-driven overshooting. Is there a useful softer version of the impossible trinity? Even if the impossible trinity in its pure version does not hold, is it still a useful concept in a looser version, as a reminder that there are interconnections and policy constraints between interest rates, exchange rates, and capital flows? Frankel [2] As they become more closely integrated internationally, foreign investors will increasingly respond to this underlying profitability differential. How can this prospect of sustained higher returns be reconciled with portfolio balance for the foreigners whose initial portfolios are in the lower-return mature economies? This, not the short-term impossible trinity problem, is the policy challenge Conclusion The impossible trinity began as a useful theoretical insight into the nteractions of policy instruments. It is still a useful blackboard reminder that not all policy combinations are possible. The blackboard illustration, however, has been adopted as a doctrinal policy rule. This over-emphasis on a simple thought-experiment may have been because it served to support the arguments for free-floating exchange rates. The argument went like this: capital controls are not workable; if you want to have your own monetary policy, then you have to let your exchange rates float freely. But the impossible trinity was a stylised insight relying on simplified assumptions. The real world was always more complex and nuanced. Of course there is some connection between interest differentials and capital flows. But there are other forces motivating capital flows, and these are much more random and non-optimising than envisaged by the impossible trinity. The fickle changes in risk assessments, mindless herding, and booms and busts in the capital-exporting countries make international capital flows volatile in ways not envisioned in the trinity. Author’s Note: This column is based on ‘The Impossible Trinity and Capital Flows in East Asia’, Asian Development Bank Institute Wo rking Paper 318 November 2011. References Aizenman, J, MD Chinn, and H Ito (2009), â€Å"Surfing the Waves of Globalisation: Asia and Financial Globalisation in the Context of the Trilemma†, Asian Development Bank Working Papers No. 180. Cavalo, M (2006), â€Å"Interest Rates, Carry Trades, and Exchange Rate Movements†, FRBSF Economic Newsletter 2006/31. Engel, C (1996), â€Å"The forward discount anomaly and the risk premium: a survey of recent evidence†, Journal of Empirical Finance (32): 305–319. Frankel, JA (1999), â€Å"No single currency regime is right for all countries or at all times†, Princeton Essays in International Finance 215. Magud, NE, CMReinhart and KSRogoff (2011), â€Å"Capital controls: myth and reality – a portfolio balance†, Peterson Institute Working paper 11-7 1 Except, of course, Hong Kong, with its fixed rate. Singapore is a special case, implementing monetary policy via the exchange rate rather than interest rates. Its capital market is open; it closely manages its exchange rate; and it has an independent monetary policy, achieving its objective of having one of the lowest inflation rates in the world. 2 Some might see this same argument in terms of growth rates. Interest rates will approximate the economy’s growth rate (whether measured in real or nominal terms). Thus the higher prospective growth rates of the emerging countries will be accompanied by higher interest rates. Share on linkedin Share on facebook Share on twitter Share on email More Sharing Services 12 We will write a custom essay sample on The Impossible Trinity Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Impossible Trinity Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Impossible Trinity Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer